We can argue, till the cows come home, the many negatives and positives in today’s bumpy Q1 GDP result. But, in expanding 0.3%, overall, we believe it tells a good enough story, of a creditable follow-on from the 1.5% surge seen in Q4. Not that bad, considering the vicious late-summer drought. And it’s nothing to change our view that the economy is picking up, at heart.
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